Image source: Charleston’s Fine Art Auctions
Buying art in an online art auction is simple. Whether you are a first time bidder and you are looking for a guide to set you up for your preliminary art auction or you are a practiced collector hoping to brush up your knowledge to help inform your bidding strategy, these steps will be useful for you. Keep reading to unpack the process and prepare yourself for your next online art auction.
Step One: Registration
First, you need to register for an auction by providing your name, email address and details to your chosen online auction platform. This may also include payment details to ensure that you are up to date and ready to participate once an auction is open for bidding. On the day of the auction, you will be notified via your online art auction platform of choice – and you may also be kept up to date on a routine basis over email or SMS marketing to help you keep your finger on the pulse of up and coming auctions.
Step Two: Bidding
Bidding in an online art auction is simple, straightforward and effortless once you have participated a few times. Once the auction is open for bidding, you are free to place your starting bid. Your choice of preliminary investment is completely up to you and your online art auction bidding strategy! Sometimes starting at a demure investment level is best, at others you may choose a higher number for your first bid. Regardless of your first bid rate, the auction will continue for the set amount of time or until there is one bidder remaining. For all the excitement of a live art auction, keep your notifications enabled in your email inbox so you can keep an eye on the status of your bid and assess whether it is time to make another strategic move.
Step Three: Payment
If you are the winning bidder, you will be expected to pay the full amount either immediately or within the deadlines set by your online art auction platform. Payment will be made via the website, most commonly with the use of debit card, credit card or third party payment platforms. This will be in the currency specified on your auction website, most likely being Australian dollars if you are using your platform here in Australia.
Step Four: Shipping
Keep in mind when setting your online art auction budget that you are expected to pay for delivery, shipping and insurance costs – if you are unsure of these rates it is a good idea to touch base with your art platform of choice to get a better understanding of these expectations as they can vary from business to business. If you are purchasing internationally, expect to pay tariffs, duties and taxes on artworks entering the country and note that some materials cannot enter into Australia due to international law.
Discover an advanced online Australian art auction to start your bidding journey today.